The True Meaning of Blue Ivy: Jay-Z Must Update His Will - New York Estate Planning News

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The True Meaning of Blue Ivy: Jay-Z Must Update His Will

Ever since the birth of Blue Ivy Carter, the daughter of singer Beyonce and rapper Jay-Z, a lot of people have been speculating about the meaning of Blue Ivy, reports CNN.

And while there are many theories out there -- including occult meanings -- there is one significant thing that people may not be paying attention to.

Namely, that Blue Ivy's birth is the moment that both mom and dad should update their wills. This is exactly what the researchers at FindLaw recommend when you have a child (or as wills and estates lawyers understand children: "New People").

Each state has its own law which determines how children will receive parts of an estate (which Beyonce and Jay-Z have plenty of) in case there is no will or trust. But many parents don’t want to apply state laws when determining what their children get, which is why a will gets written. Also, a will must get updated so that you can appoint a guardian for a baby should something happen to you.

The easiest way of changing a will is simply to make a new will. It is imperative that you revoke the old will. To do this, simply write a statement in the new will that states that you revoke all wills and codicils that you have previously made. This is sufficient to revoke any previous wills, but it is wise to also destroy any of your previous wills in order to avoid confusion or challenges to your new will.

The other way to change your will is by adding what is called a “codicil”. A codicil is like an amendment or addition to your will. You may use a codicil to revoke part of your will or add a new provision. To be valid, they must be dated, signed, and witnessed just like a legal will.

The best thing to do, if you are considering changing or updating or rewriting a will, is to consult with a local attorney.

The specifics of what must be done to revoke an older will are very difficult and hard to understand. Just like little Blue Ivy’s name.

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